ITR-3 Form Filing

The ITR-3 Form applies particularly to those Individuals and Hindu Undivided Families who have income from carrying on a profession or from Proprietary business. If an Individual/HUF is having income as a partner of a partnership firm that is carrying out business/profession, he cannot file ITR-3. In such case, he is required to file ITR 2.

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What is the ITR-3 Form?

The ITR 3 is applicable for individual and HUF who have income from profits and gains from business or profession. The persons having income from following sources are eligible to file ITR 3 :

  • Carrying on a business or profession
  • Return may include income from House property,Salary/Pension and Income from other sources

What is the structure of the ITR-3 Form for AY 2018-19?

ITR-3 is divided into:

  • Part A
    1. Part A-GEN: General information and Nature of Business
    2. Part A-BS: Balance Sheet as of March 31, 2018 of the Proprietary Business or Profession
    3. Part A-P&L: Profit and Loss for the Financial Year 2017-18
    4. Part A-OI: Other Information (optional in a case not liable for audit under Section 44AB)
    5. Part A-QD: Quantitative Details (optional in a case not liable for audit under Section 44AB)
  • Part B : Outline of the total income and tax computation in respect of income chargeable total tax.
  • Verification
  • Tax Payments : Details of advance tax, TDS, self assessment tax

After this there are following schedules.

  • Schedule-S: Computation of income under the head Salaries.
  • Schedule-HP: Computation of income under the head Income from House Property
  • Schedule BP : Computation of income from business or profession
  • Schedule-DPM: Computation of depreciation on plant and machinery under the Income-tax Act
  • Schedule DOA: Computation of depreciation on other assets under the Income-tax Act
  • Schedule DEP: Summary of depreciation on all the assets under the Income-tax Act
  • Schedule DCG: Computation of deemed capital gains on sale of depreciable assets
  • Schedule ESR: Deduction under section 35 (expenditure on scientific research)
  • Schedule-CG: Computation of income under the head Capital gains.
  • Schedule-OS: Computation of income under the head Income from other sources.
  • Schedule-CYLA: Statement of income after set off of current year’s losses
  • Schedule BFLA: Statement of income after set off of unabsorbed loss brought forward from earlier years.
  • Schedule CFL: Statement of losses to be carried forward to future years.
  • Schedule- UD: Statement of unabsorbed depreciation.
  • Schedule ICDS – Effect of Income Computation Disclosure Standards on Profit
  • Schedule- 10AA: Computation of deduction under section 10AA.
  • Schedule 80G: Statement of donations entitled for deduction under section 80G.
  • Schedule- 80IA: Computation of deduction under section 80IA.
  • Schedule- 80IB: Computation of deduction under section 80IB.
  • Schedule- 80IC/ 80-IE: Computation of deduction under section 80IC/ 80-IE.
  • Schedule VIA: Statement of deductions (from total income) under Chapter VIA.
  • Schedule AMT: Computation of Alternate Minimum Tax Payable under Section 115JC
  • Schedule AMTC : Computation of tax credit under section 115JD
  • Schedule SPI: Statement of income arising to spouse/ minor child/ son’s wife or any other person or association of persons to be included in the income of assesse in Schedules-HP, BP, CG and OS.
  • Schedule SI: Statement of income which is chargeable to tax at special rates
  • Schedule-IF: Information regarding partnership firms in which assessee is a partner.
  • Schedule EI: Statement of Income not included in total income (exempt incomes)
  • Schedule PTI: Pass through income details from business trust or investment fund as per section 115UA, 115UB
  • Schedule FSI: Details of income from outside India and tax relief
  • Schedule TR: Statement of tax relief claimed under section 90 or section 90A or section 91.
  • Schedule FA: Statement of Foreign Assets.
  • Schedule 5A: Information regarding apportionment of income between spouses governed by Portugese Civil Code
  • Schedule AL : Asset and Liability at the end of the year(applicable where total income exceeds Rs 50 lakhs

How do I file my ITR-3 Form?

You can submit your ITR-3 Form either online or offline.

Only following person can file the return offline

  1. Individual who are of the age of 80 years or more
  2. Individuals having income less than Rs 5 lakhs and who donot have to claim refund in the income tax return.
  • By furnishing a return in a physical paper form
  • By furnishing a bar-coded return

The Income Tax Department will issue you an acknowledgment at the time of submission of your physical paper return.

  • By furnishing the return electronically under digital signature
  • By transmitting the data electronically and then submitting the verification of the return in Return Form ITR-V

If you submit your ITR-3 Form electronically under digital signature, the acknowledgment will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing.

Remember that ITR-3 is an annexure-less form i.e. you do not have to attach any documents when you send it.

Major Changes in ITR form 3 for AY 2018-19

  1. In the general information tab an option to select section 115H (who is a non-resident Indian in any previous year, becomes assessable as resident in India in respect of the total income of any subsequent year) has been added.
  2. In the Profit and Loss schedule, the GST related details have been added
  3. Limitation of maximum 40% depreciation in all depreciation related Schedules
  4. Partners of partnership firms as against ITR 2 will have to file their returns in ITR 3

Who cannot file their income tax return on ITR-3?

This Return Form should not be used by an individual whose total income for the AY 2015-16 includes Income from Business or Profession under any proprietorship.

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